If you ever applied for a loan program at a financial institution, you must have at least once wondered where does the interest rate applied by the institution come from. This interest rate indeed is something that becomes one of the main considerations for us in determining which loan program to apply. The lower the rate is, the more likeability the program could get. We often just do not care with where the number coming from, but it would surely be nice if we could learn the factors that contribute to the determination of the number.
This is the area in which The Deal Coin is working on. The platform was developed as an effort to provide transparency and accountability of the financial institutions to potential applicants. This could boost the confidence and guarantee for applicants that the financial institutions are reliable and accountable. That way, applicants could have more reasons as to why they select a certain financial institution in the end.
The Deal Coin is built based on the belief that all lending services need to be accountable and transparent. This platform enables users to check and validate any data and information uploaded by both financial institutions and customers, thanks to the integration of the blockchain technology into the platform. While the data validation is indeed an integral part of every lending transaction, its capability to ensure the security and accountability of these data also proves to be another asset that users could rely on. These two features add more likeability to the platform.
Important Role of Smart Contracts
When we are talking about financial services, we cannot put the important role of the contract away. A contract is considered as an integral part of any financial agreement, including in loan programs. A lender will be more confident when lending his money based on a legal binding contract. He will be assured that the person to whom he lends his money to. On the other hand, the loanee will also rely on the legal binding contract upon the payment of his debt to prevent any unwanted situation in which he is asked to pay more than what he agreed at the beginning of the contract.
Yes, the contract is essential for every financial transaction, and this is exactly what The Deal Coin concerns the most. That is mainly why the platform decides to integrate the blockchain technology into its services. One of the key features of blockchain technology, especially the Ethereum system, is that it helps to create smart contracts that users could use when carrying out their transactions. These smart contracts could ask as a legal standing for the parties involved in the transaction, a warranty that no one will be treated unfairly.
The inclusion of the smart contract creation may spearhead The Deal Coin’s promotion and marketing activities. This particular feature indeed is what attracts users to use the platform, aside from its capability in providing the transparency and accountability to various lending contracts.
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